If state governments spend on public health now, chances are high that their residents will be healthier and earn more later. State governments can exploit this ‘virtuous cycle’ to tax their more prosperous residents in the future and repay the bonds. In contrast, raising taxes now could potentially act as a hindrance to economic recovery.

Participating in a virtual panel discussion with Indian-Americans on COVID-19, organised jointly by the Federation of Indian Associations (FIA) and the Bihar Jharkhand Association of North America (BAJNA) on Sunday, Muraleedharan was flooded with queries over the OCI (overseas citizen of India) card issue.